Bali Vaswani appointed chairman and CEO joint entity

Cannabis-focused, technology-based multimedia platform, NUGL Inc today (April 5) announced that it has completed its previously disclosed acquisition of Kaya Inc, regarded as Jamaica’s leading vertically-integrated medical cannabis company.

The acquisition was executed via an all-stock transaction.

As part of the deal, Kaya shareholders received restricted shares of NUGL, Inc, which were issued pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933 as ‘Restricted Securities’.

NUGL Inc has appointed Bali Vaswani, chairman and CEO of Kaya, as its new CEO.  

At the same time, C.J. Melone, CEO of NUGL Inc. has been appointed chief operating officer of the combined companies with a responsibility to build out the Kaya brand through established partnerships in key markets.

NUGL Inc is expected to change its name to Kaya Group Inc. In line with the acquisition of Kaya, NUGL has hosted live concerts with reggae artistes such as Popcaan, Vanquish, Acoustic Show, Kymani Marley, Beenie Man, David Rodigan, Chronixx, Keznamdi, Jesse Royal, Jah9, Lila Ike, Protoje and Toots and The Maytals.

Kaya targeting America and other Caribbean markets

Commenting on future plans, Vaswani declared that “near-term, Kaya’s markets will be the US and the CARICOM countries”.

He added: “As we launch the Kaya brand and expand into new markets, we expect to benefit tremendously from NUGL’s print and digital core media assets.”

He mentioned that each of its locations can house more than 1,000 patrons, which is an ideal scenario for hosting live content on NUGL’s platform.

Continuing, Vaswani said: “I look forward to working with the talented NUGL team as we integrate and align our cultivation, retail, and operational practices to continue providing our patients and customers with best-in-class product offerings and retail experiences.”

For his part, Melone stated: “We are very optimistic as we join forces with Kaya to create one of the most prominent cannabis companies in the US and CARICOM. With our shared core philosophies and complementary areas of expertise, we expect to execute on our collective vision immediately. In the evolving and fast-growing cannabis industry, the opportunities to better achieve our mission through consolidation led us to this historic moment.”

He emphasised that, “with Kaya’s strategic national footprint in the CARICOM markets and NUGL’s success in execution in print, digital media, and social media assets, we believe we have the potential to create the most important and investable company in cannabis. There is no better team in the industry to maximise the potential of this market defining combination”.

Early history of Kaya

Kaya was the first to open a medical cannabis location in Jamaica in March 2018 and has established itself as a leading supplier and supporter of medical cannabis throughout the Caribbean. Its diverse operations include a licensed cultivation facility, processing facility, three retail herb houses, and one ganja franchise in Punta Del Este, Uruguay.

Kaya’s diverse operations, which is headquartered in Ocho Rios, which includes a licensed cultivation facility with over 40 genetics, a processing facility, retail dispensaries and conditional licences to transport and operate therapeutic wellness spas. The Kaya Group has established itself throughout the Caribbean, Australia and South America.

Cannabis analytics firm Headset projects legal US cannabis sales to surpass US$30 billion this year and reach US$45.8 billion by 2025. In addition to the US market, Jamaica and the other CARICOM countries are considered to be one of the fastest growing cannabis markets.

In April 2015, the Government of Jamaica amended the Dangerous Drugs Act (DDA) to decriminalise cannabis possession, legalise home cultivation for medicinal, spiritual and sacramental use, and create a new, licensed industry for medical cannabis and hemp.

In addition to this landmark legislation, a number of CARICOM countries are exploring the use of cannabis in health and wellness, with investors seeking to increase products for local use and export.

NUGL at a glance

NUGL is a community-driven, cannabis business directory and search app offering an unbiased platform for businesses and consumers to interact. NUGL combines a digital and print magazine with its cannabis friendly multimedia platform to provide marketing opportunities in print, digital and video format.

NUGL connects cannabis companies across the nation, bringing the cannabusiness community closer together while facilitating connections with consumers in emerging and expanding markets.